Thin activity as stock market gains 2.15 points

LAHORE - Karachi Stock Exchange (KSE) today recorded a thin activity as KSE-100 index gained 2.15 points to close at 9,186.90 while the turnover volume stood at 237,620 shares whish is almost 0.1 million more than yesterday's trading as prices of 9 scrips recorded gains, 7 dipped and 27 remained unchanged. While, Lahore Stock Market witnessed mixed trend as LSE-25 index also gained 1.31 points to close at 2830.74 points. The market capitalisation was eroded by Rs 698 million to Rs 2.837 trillion. The main cause for not a significant shift in volume and points was the same of 'floor' factor despite assurance from banks and financial institutions for the provision of funds. But the fact is that so far market continued to face liquidity crunch, said an eminent dealer belonged to a leading brokerage house. He said that most of the formalities were agreed in State Bank head office meeting which was held on Monday but the decision at top level was not conveyed to the bottom. Market was started with a positive note and some activity of financiers seen in the morning session as investors showed their interest in banking and energy sectors. But they preferred to 'see' the market policy. KSE-30 and KMI-30 remained unchanged at 10042.85 and 11224.18 points respectively. UTP-Large Cap was the volume leader with a turnover of 148,000 shares followed by UDL Modaraba 20,500 shares, Mirza Sugar 18,000 shares, Gharibwal Cement 8,000 shares and Dewan Salman 5,000 shares. Attock Refinery was closed at 140.90, Al-Zamin Leasing 2.01, Pak Datacom 46.30, Gharibwal Cement, Pak Oilfields 243.50, UTP-Large Cap 5.50 and Mirza Sugar 1.80. Pak Services recorded the highest increase of Rs 18 to 530 followed by Pak Datacom which moved up by Rs 2.20 to 46.30, Azam Tex gained Re 0.60 closed at Rs 2.80 and Sitara Energy gained Re 0.05 closed at Rs 19.00 while Sapphire Fiber dipped by Rs 10.45 to 206.55 and National Foods went down by Rs 2.79 to 66.12. Meanwhile, LSE-25 index gained 1.31 points to close at 2830.74 points as compared to previous working day's index of 2829.43 points. Total turn over witnessed decreasing trend as it remained 7500 shares as compared to previous turn over of 32400 shares showing a difference of 24900 shares. In all the 81 companies transacted on the day, no one could move up, 3 lost their worth, while rates of 78 companies remained unchanged. There was no gainer of the day while Sitara Energy Limited, National Bank of Pakistan Ltd and Askari Commercial Bank Limited were losers of the day. Pakistan International Airlines Corporation emerged as volume leader of the day with 2500 shares, followed by National Bank of Pakistan with 2000 shares, Pakistan Premier Fund Ltd with 1000 and PICIC Growth Fund with 1000 shares.

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